Divorce is rarely an easy process—especially if real estate is involved. You'll likely be dividing up all of your assets, and the emotional and financial burdens of it all might have you feeling a bit lost.
Before you make any major decisions, it's best to think with your brain...and not your heart. And if you need any help or advice during this difficult time, we have a few tips to get you started.
What to Remember While Selling Your Home
Every divorce is different—some couples decide to sell their homes and move on, while others buy out their former spouse's share of the property. Regardless of your circumstances, it's important to treat the entire selling process as a business transaction to eliminate any potential issues. Here are a few other factors to keep in mind.
Sell for the Right Reasons
Selling a home and getting a divorce are both very emotional processes—which means its easy to get caught up and make some wrong decisions. Before you work out a deal with your former spouse, be sure you're selling for the right reasons...and not out of spite.
Work Out a Deal on Your Own
If possible, work with your former spouse to craft a deal. If neither of you plan on staying in the home, decide how you'll split the profits of the sale. Sometimes, if one spouse was paying more than the other, a 50/50 split may not be preferable.
Get Everything in Writing
Even if your breakup is amicable, you should always get everything in writing...and make extra copies of all important paperwork. You can never be too careful, so keep track of everything from who's paying the rest of the mortgage to who's getting the couch!
Get Your Finances in Order
Divorce will have huge impact on your finances...and selling your home will, too. Before anything is finalized, be sure to sit down with your lawyer and/or financial advisor to discuss all of your options. You may also have to liquidate some of your assets to cover any expenses.
Always Work with an Agent & Lawyer
Now more than ever, it's crucial to work with seasoned professionals to ensure that your sale and divorce both go smoothly. Your agent can help you navigate every step of the selling process...and they might be able to recommend a local attorney, too.
What Happens After the Sale?
Even the most painless divorces can have an impact on your finances and wellbeing. And if you sold the property you once shared with your former spouse, you'll need to find a new place to settle down. As you search for your next home, here are a few things to keep in mind.
Consider Your Own Needs
Now that you're on your own, it's time to consider what you're looking for in your next home. If you have kids or pets, don't forget to factor them into your decision.
Find Out What You Can Afford
Your financial situation will likely look very different after the divorce is finalized. Take a moment to sit down and see what you can really afford to spend on your new home.
Take Time to Declutter and Reorganize
Now is the perfect time to declutter and get rid of any excess belongings—but beware of "emotional tossing," especially if the divorce was messy.
Real estate transactions are difficult enough on their own—but the added stress of a separation can make the entire process seem unbearable. The Yoder-Barnhart Team is here to help you every step of the way, and we have plenty of experience helping people navigate the selling process in the midst of a divorce.
We'll listen to your individual needs and help you come up with an amicable agreement to sell your home. And when everything is said and done, we'd be happy to guide you towards your next chapter in a new place of your own. Have questions about the process? Feel free to give us a call—we're always on hand to offer advice, regardless of your situation.
Ready to Get Started?
Selling your home during a divorce is no easy task, but our team is up for the challenge. Give us a call today to learn more about your options, as well as the wide variety of tools we offer our sellers. Buying after you sell? We can certainly help with that, too.